1902 50-peseta banknote: what it is and what to do if you have one
If you have in front of you a banknote that reads EL BANCO DE ESPAÑA, 50 PESETAS, and the date November 30, 1902, this is what you have: the banknote cataloged as Pick-52.
It is part of the 1902-1903 issue: three banknotes engraved by Bartolomé Maura, the great engraver of the era, and still manufactured in Madrid, in the Banco de España's own workshop, a few years before the Bank returned to commissioning its banknotes from England.
Here you will find who or what appears on it, how to distinguish it from those that look like it, how to check if yours is an original, and what to do if you want to sell it. You will not find prices: I will explain why below.
Diego Velázquez: who is the face on this banknote
Diego Rodríguez de Silva y Velázquez (Seville, 1599 - Madrid, 1660), court painter to Philip IV and the great figure of Golden Age painting. His portrait appears on the obverse, next to a painter's palette and a palm branch.
The reverse reproduces one of his paintings: The Forge of Vulcan (1630), which is kept in the Prado Museum, accompanied by a kneeling angel. Both sides were engraved by Bartolomé Maura, who signed both.
Banknote fact sheet
| Face value | 50 pesetas |
|---|---|
| Date of issue | November 30, 1902 |
| Pick catalog | P-52 |
| Printer | Banco de España workshop, Madrid |
| Engraver | Bartolomé Maura |
| Mintage | 6,000,000 copies |
| Dimensions | 137 × 80 mm |
| Put into circulation | October 1904 |
| Signatures | Andrés Mellado, Emilio Rodero, and Luis Clemente Fabiani |
| Obverse | Portrait of Diego Velázquez with painter's palette and palm branch; black print on ocher and gray background |
| Reverse | Kneeling angel and the painting "The Forge of Vulcan"; black print on greenish-gray background |
How to tell if yours is original
It is important to know this first, because far more reproductions than originals of Spanish banknotes from this era are in circulation: collector's prints from the seventies and eighties, catalog facsimiles, and press reprints.
This banknote was engraved and printed in the Banco de España workshop in Madrid, using intaglio technique on quality paper. That leaves specific marks that a modern reproduction does not have:
- Relief to the touch. Run your fingertip over the design, the numbers, and the title letters: on an original, you can feel the raised ink. An offset-printed facsimile is completely flat.
- Engraved line, not screening. With a ten-times magnification loupe, the original engraving resolves into fine, continuous lines. If you see a grid of dots, it is a modern print.
- Watermark in the pulp. Held up to the light, the watermark should appear formed within the paper, not printed on top.
- Banknote paper, not photocopy paper. The original is a durable, substantive paper that makes a sound when shaken. Modern coated paper is smooth and cold.
Specific checks for this banknote
- Measure it. This banknote measures 137 × 80 mm. Photographic copies almost always lose two or three millimeters, so a ruler settles many doubts in ten seconds.
- Check the exact motif. On the obverse — portrait of Velázquez with the palette and palm. On the reverse — a kneeling angel and the painting "The Forge of Vulcan".
- Look for the engraver's signature. Bartolomé Maura signed both sides. In cheap reproductions, that signature often appears blurred or illegible.
- Look at the date, not just the face. Velázquez appears again on the 50 pesetas banknote of 1928, which is a very different one (featuring the Prado Museum and The Surrender of Breda). The 1902 one bears the date of November 30, 1902.
- Keep the mintage in mind. 6,000,000 copies were printed, but that was over 120 years ago and the vast majority were withdrawn and destroyed.
I will confirm it for you for free. If it turns out to be a reproduction, I will tell you just the same: I gain nothing by making you believe otherwise.
Original or facsimile? I'll let you know today, no obligation
WhatsApp +34 644 54 98 79
info@iberoamericanabanknotes.com
What makes it worth more or less
For this banknote, condition is key. Paper from that era is delicate, and most that appear in inheritances have folds, stains, or tears, so a clean copy without repairs makes a big difference. Repairs (washing, ironing, taped tears) significantly reduce its value.
I do not publish price ranges, and here is why: value depends entirely on the specific specimen, and that does not fit into a table. A generic figure from the internet only leads to disappointment. Send me photos and I will value your banknote, not "one like yours."
And before showing it to anyone: do not iron it, do not wash it, do not tape anything with scotch tape, and do not put it in soft PVC. All four things are irreversible. I explain this in detail in my guide to selling old banknotes.
How I buy from you
You send me photos via WhatsApp — obverse, reverse, a detail of the serial number, and one held up to the light — and I will reply in less than 24 hours telling you what you have and, if I am interested, with a firm offer. I pay for shipping, and I will transfer the funds the same day I receive and verify the piece; if it does not match the photos, I will return it and pay for the return postage myself.
I am Fran, from Iberoamericana Banknotes, an authorized PMG dealer. I can also value it just for insurance or inheritance purposes, without selling anything, and I can manage the grading by PMG or consignment for you.
You don't need to live nearby: I buy throughout Spain using this same system. And if you are from Asturias, I can come to your home without charging for the visit, or we can meet at my shop in Gijón, at Calle Cabrales 77, by appointment.
Frequently asked questions
Who appears on the 1902 50 pesetas banknote?
Diego Velázquez. His portrait with a painter's palette appears on the obverse, and his painting "The Forge of Vulcan," from the Prado Museum, is on the reverse.
How many were printed?
6,000,000 copies were printed, but that was over 120 years ago and the vast majority were withdrawn and destroyed.
How do I know if mine is original or a reproduction?
The quickest way: look at the design with a loupe (continuous engraved line for an original, dot screen for a copy) and run your finger over the letters looking for relief. If you have doubts, send me photos and I will tell you for free, even if it turns out to be a facsimile.
How much is the 1902 50 pesetas banknote worth?
It depends entirely on the specimen: condition, margins, and any repairs change the price drastically. I do not give blind figures because they would not be honest. With photos, I can tell you what yours is worth in less than 24 hours.
Do you buy it even if it is circulated or has defects?
Yes, provided it is original and not restored. For banknotes of this era, honest circulation is not a problem; what truly penalizes value is repairs.
The other banknotes from this issue
Other 50 pesetas banknotes from the Banco de España
If you aren't quite sure which one is yours, compare it with these: they are all 50 pesetas but from different issues.
- 50 pesetas banknote of 1874 — Rafael Esteve
- 50 pesetas banknote of 1875 — allegories of commerce
- 50 pesetas banknote of 1878 — Calderón de la Barca
- 50 pesetas banknote of 1880 — Campomanes
- 50 pesetas banknote of 1884 (January issue) — Mendizábal
- 50 pesetas banknote of 1884 (July issue) — Bravo Murillo
- 50 pesetas banknote of 1886 — Goya
- 50 pesetas banknote of 1889 — Goya (second issue)
- 50 pesetas banknote of 1893 — Jovellanos
- 50 pesetas banknote of 1898 — Jovellanos
- 50 pesetas banknote of 1899 — Quevedo
- 50 pesetas banknote of 1905 — Echegaray
- 50 pesetas banknote of 1906 — allegory with the caduceus
- 50 pesetas banknote of 1907 — Burgos
- 50 pesetas banknote of 1927 — Alfonso XIII
- 50 pesetas banknote of 1928 — Velázquez and the Prado Museum
- 50 pesetas banknote of 1931 — Eduardo Rosales
- 50 pesetas banknote of 1935 — Santiago Ramón y Cajal
General guide: selling old Banco de España banknotes. And if more pesetas have appeared in the same drawer, I'll tell you which peseta banknotes and coins have value.
Send me a photo of the obverse and one of the reverse and I will tell you today what you have.
WhatsApp +34 644 54 98 79